Navy Fed Adds 600,000th Member
VIENNA, Va.-Bolstered by the Bank Transfer Day wave and a tide of new branches, Navy FCU added 600,000 new members in 2012-more than twice its previous record of 230,000 for 2011-giving the world's biggest credit union more than 4.2-million members worldwide. The flood of new members was aided by the 44 branches Navy has opened over the past three years and momentum from the 2011 Bank Transfer Day promotion, as well as a booming mortgage business, with the credit union originating a whopping $10 billion in home loans last year.
White Paper On Benefits Programs
MADISON, Wis.-The CUNA HR/TD Council has released a new white paper, "Credit Union Benefits Programs: Meet Employees' and Your CU's Financial Needs," which reviews trends in employee benefits programs and discusses the benefits landscape, popular program components and more. For info: www.cunacouncils.org.
Online Calculator Proves Popular
ARLINGTON, Va.-NAFCU Services Corp. reported its CULookup.com's financial calculators exceeded more than two-million calculations by online users for 2012, a 22% increase from the 1.65 million calculations in 2011. Nearly 545,000 unique visitors performed calculations, either on CULookup.com or on credit union websites. For info: www.CULookup.com/calculators.
Website Tracks 'Social Good'
BISMARCK, N.D.-The Credit Union Association of the Dakotas has introducede a website dedicated solely to the sharing of the good things that credit unions do at www.cusocialgood.com. The site follows research by the CUAD that found many people outside CUs were "unaware of the very nature of credit unions and their 'People Helping People' philosophy," the association said. The site compiles various things CUs do in their communities in North and South Dakota.
NuMark Pays Year-End Bonus
JOLIET, Ill.-NuMark Credit Union paid members a 5% year-end loan interest rebate and a 5% checking bonus. It reported it has paid members more than $800,000 in loan interest rebates over the past several years.
CUDL Releases White Paper
ONTARIO, Calif.-Credit Union Direct Lending (CUDL) has released a new white paper, "Effective Asset Disposition," that offers insights and best practices on national automotive wholesale remarketers. The paper notes that in the past year credit unions have educed the volume of repossessed vehicles, with quantity declining by 16% to just under $145 million. The credit union average value per repossessed vehicle was $10,161 at the end of Q2 2012, according to CUDL. Nearly 75% of credit union repossessed vehicles are valued from $5,000 to $20,000. The paper urges CUs to benchmark their programs against metrics used by top-performing remarketing companies nationally, and outlines those metrics. For info: www.cudl.com.
Book Examines CU History
MADISON, Wis.-A new book that examines the transition in credit unions from a relatively small presence in the U.S. to significant players in financial services. Titled "Development of the Modern U.S. Credit Union Movement 1970-2010," the 379-page book chronicles the factors that have moved credit unions into the mainstream of American life. The book was authored by journalist Paul Thompson, who was with CUNA from 1986-1998. It is available in softcover and e-book form at www.lulu.com.
Trickett, Ardire Named New CEOs
LEBANON, Penn.-The $175-million Lebanon FCU has named Jeff Trickett as its new CEO. Trickett,who had previously been chief operating officer, succeeds Patricia Hain. Meanwhile, in Cherry Hill, N.J., the $150-million Campbell Employees FCU has named David Ardire as its new CEO. Ardire was previously CFO and succeeds Martin Banecker, who retired after 30 years.
Branch Reopens Inside Sears
PHILADELPHIA-Freedom CU held a grand re-opening of its branch inside a Sears department store. The branch has recently been expanded and completely renovated to better serve members, the credit union said.
The grand re-opening event offered loan discounts, new member incentives, free food and refreshments.
Wyandotte FCU Chooses NuPath
WYANDOTTE, Mich.-Wyandotte FCU has changed its name to NuPath Community CU. The new name is part of a new community and state charter.
Piedmont Advantage To Be Anchor
WINSTON-SALEM, N.C.-The $230-million Piedmont Advantage CU here has agreed to become the anchor tenant in a 22-acre business park that will be named Piedmont Advantage Park. PACU paid $1.5-million for a three-acre site on which it plans to build a new headquarters. The new site is higher profile and will be closer to the US Airways reservation center, which it serves.